The Mexican real estate market is experiencing accelerated growth. According to the latest data from the Federal Mortgage Society (SHF) , the average price of a home purchased with a mortgage loan reached 1 million 724,643 pesos in the first half of 2024, representing an increase of 9.5% compared to the same period last year.
What factors are driving this increase?
- High demand: The growing demand for housing, especially in tourist destinations and urban areas, is putting strong upward pressure on prices.
- Inflation: The general increase in prices in the economy has directly impacted the cost of building and purchasing a home.
- Interest rates: Although they have registered an increase, mortgage interest rates remain relatively low, encouraging home purchases.
- Shortage of supply: The limited supply of new homes, especially in areas with high demand, has contributed to the escalation of prices.
How is the increase distributed regionally?
Price increases in the real estate market in terms of housing are not homogeneous throughout the country.
- States with the greatest increase: Quintana Roo, Baja California Sur, Yucatán, Nayarit and Sonora
- Metropolitan areas: The main metropolitan areas of the country, such as Mexico City, Guadalajara and Monterrey, have also registered significant increases in housing prices.
What does this mean for buyers?
- Greater initial investment: Purchasing a home now requires a larger budget, which can make access to housing difficult for many Mexicans.
- Competition: High demand has generated greater competition among buyers, which may require making quick decisions and submitting more competitive offers.
- Need for planning: It is essential to have a solid financial plan and seek professional advice to make informed decisions.
What opportunities are there in the real estate market?
- Long-term investment: Despite rising prices, housing is still considered a long-term investment.
- New financing options: New financing options and government programs have emerged to support home buyers.
- Market segments: There are opportunities in specific market segments, such as affordable housing or housing in less-demanded areas.
Conclusions
The increase in housing prices in Mexico poses challenges and opportunities for buyers. It is essential to stay informed about market trends, compare prices and look for financing options that suit individual needs.
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